Maldives inflation rate slows down

Vendors at local market – most of the food item prices had gone down in January with the exception of vegetables. | PHOTO: AVAS

Maldives Monetary Authority (MMA) has confirmed the inflation rate which picked its pace last December had since slowed down.

According to the monthly review of January published by Maldives central bank the inflation had reached 1.3% on all goods in December, however, it had come down to 1.1% and slowed down at that level by January’s end.

Central bank had detailed the inflation had receded from the December rate due to the decrease in food prices imported to Maldives.

“However rents and living expenses along with tobacco product prices as well as vegetable prices had gone up during the month of January,” MMA’s monthly review report read.

On a monthly basis the inflation rate for the month of December month exclusively had been at 0.9% while it increased by 0.3% in January. Which is contributed to the increase in prices of the mentioned areas according to MMA.